PNC Financial Services Group Inc. Lowers Stake in Asbury Automotive Group, Inc. (NYSE:ABG)

PNC Financial Services Group Inc. decreased its position in Asbury Automotive Group, Inc. (NYSE:ABG) by 28.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,774 shares of the company’s stock after selling 714 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Asbury Automotive Group were worth $399,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Asbury Automotive Group by 31.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,589 shares of the company’s stock valued at $3,957,000 after buying an additional 4,198 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Asbury Automotive Group during the 4th quarter valued at about $12,855,000. Federated Hermes Inc. grew its position in Asbury Automotive Group by 34,097.0% in the 4th quarter. Federated Hermes Inc. now owns 11,285 shares of the company’s stock valued at $2,539,000 after acquiring an additional 11,252 shares in the last quarter. Quadrature Capital Ltd increased its stake in Asbury Automotive Group by 147.1% during the fourth quarter. Quadrature Capital Ltd now owns 18,037 shares of the company’s stock worth $4,063,000 after purchasing an additional 10,737 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Asbury Automotive Group by 18.3% during the third quarter. Envestnet Asset Management Inc. now owns 36,265 shares of the company’s stock worth $8,343,000 after purchasing an additional 5,610 shares in the last quarter.

Asbury Automotive Group Stock Performance

Shares of ABG opened at $227.87 on Friday. Asbury Automotive Group, Inc. has a 1 year low of $178.40 and a 1 year high of $256.39. The stock has a market capitalization of $4.60 billion, a PE ratio of 8.30 and a beta of 1.19. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.38 and a current ratio of 1.06. The stock has a 50-day simple moving average of $228.95 and a 200-day simple moving average of $220.42.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Thursday, April 25th. The company reported $7.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.76 by ($0.55). Asbury Automotive Group had a return on equity of 20.12% and a net margin of 3.68%. The firm had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.26 billion. During the same quarter in the prior year, the firm earned $8.37 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, analysts predict that Asbury Automotive Group, Inc. will post 29.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. downgraded shares of Asbury Automotive Group from an “overweight” rating to a “neutral” rating and set a $230.00 target price on the stock. in a research note on Monday, June 10th.

Asbury Automotive Group Profile

Asbury Automotive Group, Inc, together with its subsidiaries, operates as an automotive retailer in the United States. It offers a range of automotive products and services, including new and used vehicles; and vehicle repair and maintenance services, replacement parts, and collision repair services.